For the last couple of years, the trend of online shopping has multiplied manifold. Meanwhile, the Buy Now Pay Later (BNPL) cards have emerged as a boon for shopping lovers as it relieves them from paying the additional interest of credit cards while letting them purchase products even during fund shortage.
Having the card enables you to buy your desired product instantly without having to pay anything upfront. Its flexible payment policy allows you to pay the entire money in easy installments in due course without any interest. To know more, keep reading.
How Does Buy Now Pay Later Work?
Having the Buy Now Pay Later or BNPL cards help you make your purchases economically. This card enables you to buy your favourite product without paying anything upfront from your wallet. Subsequently, you can select a convenient repayment tenure in order to repay the entire borrowed amount.
In general, ‘Buy Now Pay Later’ services mainly provide point-of-sale instalment loans by which you can clear the lump-sum borrowed amount by converting them into reasonable EMIs, without incurring any additional interest and charges. However, it will require you to make a down payment. This way, it acts like an ideal payment option both online and offline.
Benefits of ‘Buy Now Pay Later’ Option to Customers
Mentioned below are some noteworthy benefits of the BNPL card:
The most tempting feature of a BNPL card is that it offers a zero-interest facility to its customers. This means, you can make purchases right from your essential household things to high-end items without taking the stress of paying high-interest rates.
Another great advantage of BNPL is its flexible payment options which makes it affordable to buy anything regardless of the cost. This added flexibility in terms of payment is immensely advantageous to customers who can now purchase expensive products rather than keeping them for later due to fund shortages or lack of credit cards.
In addition, this flexible payment method enables you to repay your money in affordable EMIs. There are several EMI card options available for you to pay the instalments, out of which the Bajaj EMI card is noteworthy.
In general, most credit cards come with hidden charges. When it comes to BNPL cards, they are more transparent concerning their charges and terms of payment. This way it lessens apprehension regardingthe use of such lending methods.
Many customers fail to get access to credit cards since they are not permitted to vail credit by financial institutions owing to their poor credit history and underwriting issues. This section of people can get the advantage of a BNPL card via BNPL Interest-Free mode. Moreover, the intuitive application allows you to manage transactions, block or unblock Bajaj EMI Card, and perform many other actions with ease.
Another advantage of a Buy Now Pay Later (BNPL) credit card is its quick processing. So, customers do not require to wait for a long time to get approval from the card issuer. Here the credit gets approved based on real-time and its rejection risks are also lower than regular credit cards.
Greater Purchasing Power
With easy accessibility, BNPL cards help increase your purchasing power specifically during high-value purchases. Furthermore, it aids during emergencies or unforeseen purchases.
Before getting this card, first, you need to fulfil the eligibility criteria of BNPL cards.
Eligibility Criteria for BNPL
Mentioned below are the important eligibility criteria for an individual to become eligible for the Buy Now Pay Later (BNPL) option:
- Applicant must be an Indian citizen
- Applicant needs to be a salaried professional
- Age limit of the applicant should range between 18 years and 55 years
- The applicant must possess a personal bank account
After fulfilment of the eligibility criteria, you need to gather some important documents which you have to submit while availing the BNPL option.
Documents Needed for BNPL
Documents required to get a BNPL card typically include:
- Identity proof (PAN card, Aadhaar card voter ID card, etc.)
- Address proof (Aadhaar card, electricity bills, ration card, etc.)
- Income Proof (Bank Account Statement, Salary Slip, and Form 16)
After fulfilling the eligibility parameters and gathering the necessary documents, you can proceed with the application process for the BNPL card.
Steps to Apply for a BNPL Card
Following are the steps to apply for a BNPL card:
Step 1: Navigate to the official website of your desired lender
Step 2: Go to the ‘Buy Now Pay Later’ application page.
Step 3: Enter your personal details such as name, gender, date of birth, contact number, email ID, monthly income, and so on.
Step 4: Check the eligibility criteria alongside the available offers on the page
Step 5: Upload the necessary documents accordingly
Step 6: Click on ‘Submit’
Upon completion of all these steps, your application for a BNPL card will be submitted successfully.
Having an idea about the Buy Now Pay Later card will help you to fulfil your dreams of purchasing your desired products conveniently. Before availing this card, check its eligibility criteria thoroughly and submit the necessary documents.